The company MD is hopeful with Covid restrictions easing in the country, an uptick in GST collections and an improved business sentiment, CEAT can expect a better FY23.
Ceat’s Q4 FY22 consolidated revenue stood at Rs 2,592 crore while net profit came in at Rs 25 crore. The Q4 EBITDA margin stood at 7.5 percent, an expansion of 160 bps vs Q3 FY22.On a consolidated basis, the company’s revenue for the full year FY22 closed at Rs 9,363 crore and the PAT came in at Rs 71 crore Net profit stood at Rs 25 crore.
Commenting on the results as well as the outlook of the business, Anant Goenka, managing director, CEAT said, “We are witnessing a recovery in the market, particularly in the replacement and commercial tyre categories. Our international business continues to outperform and we expect it to drive growth in the coming year as well. Margins, however, continue to be under pressure due to rising commodity prices, and other inflationary costs. I am hopeful with Covid restrictions easing in the country, an uptick in GST collections and an improved business sentiment, we can expect a better FY23 for the business.”
Kumar Subbiah, CFO of CEAT added that “Our strong focus on cashflows and tight working capital management during the year has helped us to bring down our gross debt by Rs 146 crore leading to improvement in our leverage ratios and stronger balance sheet.”
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